ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
A number of U.S. office markets are seeing their inventory shrink in the wake of weaker demand for office space and a push to convert vacant office towers into new uses.
â–¶ WATCH CHANNEL 9 EYEWITNESS NEWS
A recent analysis by Savills Inc. found that among major U.S. office markets, a majority are likely oversupplied. The commercial real estate firm calculated a market’s current supply of office space against the number of office-using employees to figure out the estimated square footage per office-using worker, with 150 square feet per employee as a baseline national average. Any market with more than 150 square feet per office worker was considered oversupplied.
Only three markets — Nashville, Tennessee; south Florida; and Tampa, Florida — were not considered oversupplied by Savills’ estimate. New York, Boston and Houston were tabbed as the most oversupplied office markets among those evaluated by Savills.
Photos: Clean up underway in Cedar Key after Hurricane Idalia damages buildings, floods homes
Click here to read the full story on the Orlando Business Journal’s website.
Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
©2023 Cox Media Group
